These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
(Mark One)
|
||
T
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
|
£
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
|
DELAWARE
|
36-3150143
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
3005 HIGHLAND PARKWAY
|
60515
|
DOWNERS GROVE, ILLINOIS
|
(Zip Code)
|
(Address of principal executive offices)
|
Large accelerated filer
|
T
|
Accelerated filer
|
£
|
||
Non-accelerated filer
|
£
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
£
|
Page No.
|
||||
PART I – Financial Information
|
||||
Item 1
|
—
|
|||
3
|
||||
4
|
||||
5
|
||||
6
|
||||
Item 2
|
—
|
25
|
||
Item 3
|
—
|
37
|
||
Item 4
|
—
|
37
|
||
PART II – Other Information
|
||||
Item 1
|
—
|
38
|
||
Item 1A
|
—
|
39
|
||
Item 2
|
—
|
39
|
||
Item 6
|
—
|
39
|
||
40
|
PART I – Financial Information
|
DEVRY INC.
|
March 31,
|
June 30,
|
March 31,
|
||||||||||
2010
|
2009
|
2009
|
||||||||||
ASSETS:
|
(Dollars in thousands)
|
|||||||||||
Current Assets:
|
||||||||||||
Cash and Cash Equivalents
|
$ | 439,897 | $ | 165,202 | $ | 294,979 | ||||||
Marketable Securities and Investments
|
61,781 | 60,174 | 1,743 | |||||||||
Restricted Cash
|
55,869 | 5,339 | 22,246 | |||||||||
Accounts Receivable, Net
|
155,902 | 104,413 | 179,954 | |||||||||
Deferred Income Taxes, Net
|
22,489 | 21,562 | 17,850 | |||||||||
Prepaid Expenses and Other
|
32,645 | 28,756 | 33,033 | |||||||||
Total Current Assets
|
768,583 | 385,446 | 549,805 | |||||||||
Land, Buildings and Equipment:
|
||||||||||||
Land
|
53,965 | 53,694 | 50,816 | |||||||||
Buildings
|
283,367 | 250,542 | 237,581 | |||||||||
Equipment
|
385,703 | 328,637 | 313,053 | |||||||||
Construction In Progress
|
8,958 | 10,587 | 8,420 | |||||||||
731,993 | 643,460 | 609,870 | ||||||||||
Accumulated Depreciation and Amortization
|
(359,981 | ) | (335,889 | ) | (332,132 | ) | ||||||
Land, Buildings and Equipment, Net
|
372,012 | 307,571 | 277,738 | |||||||||
Other Assets:
|
||||||||||||
Intangible Assets, Net
|
196,003 | 203,195 | 184,654 | |||||||||
Goodwill
|
515,052 | 512,568 | 494,579 | |||||||||
Perkins Program Fund, Net
|
13,450 | 13,450 | 13,450 | |||||||||
Investments
|
- | - | 57,461 | |||||||||
Other Assets
|
15,127 | 12,069 | 13,182 | |||||||||
Total Other Assets
|
739,632 | 741,282 | 763,326 | |||||||||
TOTAL ASSETS
|
$ | 1,880,227 | $ | 1,434,299 | $ | 1,590,869 | ||||||
LIABILITIES:
|
||||||||||||
Current Liabilities:
|
||||||||||||
Current Portion of Debt
|
$ | 44,757 | $ | 104,811 | $ | 115,063 | ||||||
Accounts Payable
|
89,152 | 71,564 | 66,212 | |||||||||
Accrued Salaries, Wages and Benefits
|
69,552 | 74,174 | 53,724 | |||||||||
Accrued Expenses
|
55,019 | 39,162 | 48,923 | |||||||||
Advance Tuition Payments
|
24,170 | 27,642 | 26,413 | |||||||||
Deferred Tuition Revenue
|
366,113 | 74,664 | 276,104 | |||||||||
Total Current Liabilities
|
648,763 | 392,017 | 586,439 | |||||||||
Other Liabilities:
|
||||||||||||
Revolving Loan
|
- | 20,000 | 20,000 | |||||||||
Deferred Income Taxes, Net
|
48,281 | 51,895 | 58,518 | |||||||||
Deferred Rent and Other
|
51,059 | 40,257 | 29,274 | |||||||||
Total Other Liabilities
|
99,340 | 112,152 | 107,792 | |||||||||
TOTAL LIABILITIES
|
748,103 | 504,169 | 694,231 | |||||||||
NON-CONTROLLING INTEREST
|
4,518 | 3,188 | - | |||||||||
SHAREHOLDERS’ EQUITY:
|
||||||||||||
Common Stock, $0.01 Par Value, 200,000,000 Shares Authorized; 71,231,000; 71,233,000 and 71,582,000 Shares Issued and Outstanding at March 31, 2010, June 30, 2009 and March 31, 2009, Respectively
|
733 | 729 | 729 | |||||||||
Additional Paid-in Capital
|
217,805 | 197,096 | 186,815 | |||||||||
Retained Earnings
|
991,295 | 791,677 | 760,350 | |||||||||
Accumulated Other Comprehensive Income
|
9,995 | 7,157 | 737 | |||||||||
Treasury Stock, at Cost (2,077,000; 1,663,000 and 1,267,000 Shares, Respectively)
|
(92,222 | ) | (69,717 | ) | (51,993 | ) | ||||||
TOTAL SHAREHOLDERS’ EQUITY
|
1,127,606 | 926,942 | 896,638 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
|
$ | 1,880,227 | $ | 1,434,299 | $ | 1,590,869 |
For the Quarter
|
For the Nine Months
|
|||||||||||||||
Ended March 31,
|
Ended March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Tuition
|
$ | 468,143 | $ | 360,629 | $ | 1,318,491 | $ | 981,800 | ||||||||
Other Educational
|
36,242 | 31,253 | 90,016 | 83,414 | ||||||||||||
Total Revenues
|
504,385 | 391,882 | 1,408,507 | 1,065,214 | ||||||||||||
COSTS AND EXPENSES:
|
||||||||||||||||
Cost of Educational Services
|
214,300 | 178,201 | 610,748 | 484,921 | ||||||||||||
Loss on Real Estate Transactions
|
-- | 3,977 | -- | 3,977 | ||||||||||||
Student Services and Administrative Expense
|
168,065 | 137,917 | 487,425 | 395,177 | ||||||||||||
Total Operating Costs and Expenses
|
382,365 | 320,095 | 1,098,173 | 884,075 | ||||||||||||
Operating Income
|
122,020 | 71,787 | 310,334 | 181,139 | ||||||||||||
INTEREST AND OTHER (EXPENSE) INCOME:
|
||||||||||||||||
Interest Income
|
476 | 776 | 1,550 | 4,628 | ||||||||||||
Interest Expense
|
(336 | ) | (484 | ) | (1,253 | ) | (2,013 | ) | ||||||||
Net Investment Gain (Loss)
|
81 | 970 | 1,225 | (748 | ) | |||||||||||
Net Interest and Other (Expense) Income
|
221 | 1,262 | 1,522 | 1,867 | ||||||||||||
Income Before Income Taxes
|
122,241 | 73,049 | 311,856 | 183,006 | ||||||||||||
Income Tax Provision
|
41,321 | 22,163 | 103,775 | 54,425 | ||||||||||||
NET INCOME
|
80,920 | 50,886 | 208,081 | 128,581 | ||||||||||||
Net Loss Attributable to Non-controlling Interest
|
232 | - | 252 | - | ||||||||||||
NET INCOME ATTRIBUTABLE TO DEVRY INC.
|
$ | 81,152 | $ | 50,886 | $ | 208,333 | $ | 128,581 | ||||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO DEVRY INC. SHAREHOLDERS:
|
||||||||||||||||
Basic
|
$ | 1.14 | $ | 0.71 | $ | 2.92 | $ | 1.80 | ||||||||
Diluted
|
$ | 1.12 | $ | 0.70 | $ | 2.88 | $ | 1.77 | ||||||||
CASH DIVIDEND DECLARED PER COMMON SHARE
|
$ | - | $ | - | $ | 0.10 | $ | 0.08 |
For the Nine Months
|
||||||||
Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
(Dollars in Thousands)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income
|
$ | 208,081 | $ | 128,581 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
||||||||
Stock-Based Compensation Charge
|
7,901 | 6,513 | ||||||
Depreciation
|
38,381 | 29,480 | ||||||
Amortization
|
9,328 | 6,897 | ||||||
Provision for Refunds and Uncollectible Accounts
|
71,094 | 53,103 | ||||||
Deferred Income Taxes
|
(4,807 | ) | 83 | |||||
Loss on Disposals of Land, Buildings and Equipment
|
398 | 2,297 | ||||||
Unrealized Net (Gain) Loss on Investments
|
(1,225 | ) | 2,014 | |||||
Changes in Assets and Liabilities, Net of Effects from Acquisition of Business:
|
||||||||
Restricted Cash
|
(50,516 | ) | (18,012 | ) | ||||
Accounts Receivable
|
(122,113 | ) | (148,927 | ) | ||||
Prepaid Expenses and Other
|
2,834 | (2,324 | ) | |||||
Accounts Payable
|
17,560 | (5,834 | ) | |||||
Accrued Salaries, Wages, Benefits and Expenses
|
16,558 | 18,250 | ||||||
Advance Tuition Payments
|
(3,595 | ) | 4,696 | |||||
Deferred Tuition Revenue
|
291,449 | 211,115 | ||||||
NET CASH PROVIDED BY OPERATING
ACTIVITIES
|
481,328 | 287,932 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Capital Expenditures
|
(101,599 | ) | (50,708 | ) | ||||
Payment for Purchase of Business, Net of Cash Acquired
|
— | (287,462 | ) | |||||
Marketable Securities Purchased
|
(47 | ) | (49 | ) | ||||
Other
|
(700 | ) | — | |||||
NET CASH USED IN INVESTING
ACTIVITIES
|
(102,346 | ) | (338,219 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from Exercise of Stock Options
|
9,632 | 11,048 | ||||||
Proceeds from Stock Issued Under Employee Stock Purchase Plan
|
756 | 1,805 | ||||||
Repurchase of Common Stock for Treasury
|
(22,671 | ) | (15,703 | ) | ||||
Cash Dividends Paid
|
(12,839 | ) | (10,015 | ) | ||||
Excess Tax Benefit from Stock-Based Payments
|
2,728 | 3,350 | ||||||
Borrowings Under Revolving Credit Facility
|
70,000 | 230,000 | ||||||
Repayments Under Revolving Credit Facility
|
(150,000 | ) | (140,000 | ) | ||||
Borrowings Under Collateralized Line of Credit
|
242 | 46,306 | ||||||
Repayments Under Collateralized Line of Credit
|
(296 | ) | (1,243 | ) | ||||
NET CASH (USED IN) PROVIDED BY FINANCING
ACTIVITIES
|
(102,448 | ) | 125,548 | |||||
Effects of Exchange Rate Differences
|
(1,839 | ) | 2,519 | |||||
NET INCREASE IN CASH AND CASH
EQUIVALENTS
|
274,695 | 77,780 | ||||||
Cash and Cash Equivalents at Beginning
of Period
|
165,202 | 217,199 | ||||||
Cash and Cash Equivalents at End of
Period
|
$ | 439,897 | $ | 294,979 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
|
||||||||
Cash Paid During the Period For:
|
||||||||
Interest
|
$ | 684 | $ | 1,845 | ||||
Income Taxes, Net
|
92,126 | 33,130 | ||||||
Non-cash Investing Activity:
|
||||||||
Accretion of Non-controlling Interest Put Option
|
1,582 | — |
Gross Unrealized
|
||||||||||||||||
Cost
|
(Loss)
|
Gain
|
Fair Value
|
|||||||||||||
Marketable Securities:
|
||||||||||||||||
Bond Mutual Fund
|
$ | 819 | $ | - | $ | 59 | $ | 878 | ||||||||
Stock Mutual Funds
|
1,976 | (548 | ) | - | 1,428 | |||||||||||
Total Marketable Securities
|
$ | 2,795 | $ | (548 | ) | $ | 59 | $ | 2,306 |
Gross Unrealized
|
||||||||||||||||
Cost
|
(Loss)
|
Gain
|
Fair Value
|
|||||||||||||
Investments:
|
||||||||||||||||
Auction Rate Securities (ARS)
|
$ | 59,475 | $ | (4,440 | ) | $ | - | $ | 55,035 | |||||||
Put Rights on ARS
|
- | - | 4,440 | 4,440 | ||||||||||||
Total Investments
|
$ | 59,475 | $ | (4,440 | ) | $ | 4,440 | $ | 59,475 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Weighted Average Shares Outstanding
|
71,187 | 71,644 | 71,125 | 71,554 | ||||||||||||
Unvested Participating Restricted Shares
|
222 | - | 189 | - | ||||||||||||
Basic shares
|
71,409 | 71,644 | 71,314 | 71,554 | ||||||||||||
Effect of Dilutive Stock Options
|
978 | 1,009 | 957 | 1,070 | ||||||||||||
Diluted Shares
|
72,387 | 72,653 | 72,271 | 72,624 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Balance at Beginning of Period
|
$ | 11,547 | $ | 469 | $ | 7,157 | $ | (2,963 | ) | |||||||
Net Unrealized Investment Gains (Losses)
|
52 | (80 | ) | 207 | (5,333 | ) | ||||||||||
Net Unrealized Investment Losses Recognized
|
- | - | - | 6,378 | ||||||||||||
Translation Adjustments:
|
||||||||||||||||
Attributable to DeVry Inc.
|
(1,426 | ) | 348 | 1,883 | 2,655 | |||||||||||
Attributable to Non-controlling Interest
|
(178 | ) | - | 748 | - | |||||||||||
Balance at End of Period
|
$ | 9,995 | $ | 737 | $ | 9,995 | $ | 737 |
Options
Outstanding
|
Weighted Average Exercise
Price
|
Weighted Average Remaining Contractual
Life
|
Aggregate Intrinsic Value
($000)
|
|||||||||||||
Outstanding at July 1, 2009
|
2,881,404 | $ | 30.51 | |||||||||||||
Options Granted
|
322,800 | $ | 52.32 | |||||||||||||
Options Exercised
|
(391,413 | ) | $ | 25.97 | ||||||||||||
Options Canceled
|
(7,458 | ) | $ | 34.05 | ||||||||||||
Outstanding at March 31, 2010
|
2,805,333 | $ | 33.64 | 6.26 | $ | 88,535 | ||||||||||
Exercisable at March 31, 2010
|
1,579,438 | $ | 27.28 | 4.88 | $ | 59,890 |
Fiscal Year
|
||||||||
2010
|
2009
|
|||||||
Expected Life (in Years)
|
6.77 | 6.79 | ||||||
Expected Volatility
|
41.06 | % | 41.57 | % | ||||
Risk-free Interest Rate
|
3.02 | % | 3.39 | % | ||||
Dividend Yield
|
0.31 | % | 0.23 | % | ||||
Pre-vesting Forfeiture Rate
|
5.00 | % | 5.00 | % |
Restricted Stock
Outstanding
|
Weighted Average Grant Date
Fair Value
|
|||||||
Nonvested at July 1, 2009
|
82,372 | $ | 51.36 | |||||
Shares Granted
|
160,680 | $ | 52.48 | |||||
Shares Vested
|
(21,291 | ) | $ | 51.67 | ||||
Shares Canceled
|
(2,014 | ) | $ | 51.74 | ||||
Nonvested at March 31, 2010
|
219,747 | $ | 52.15 |
For the Three Months
Ended March 31,
|
For the Nine Months
Ended March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Cost of Educational Services
|
$ | 698 | $ | 545 | $ | 2,528 | $ | 2,084 | ||||||||
Student Services and Administrative Expense
|
1,485 | 1,159 | 5,373 | 4,429 | ||||||||||||
Income Tax Benefit
|
(354 | ) | (445 | ) | (1,314 | ) | (1,186 | ) | ||||||||
Net Stock-Based Compensation Expense
|
$ | 1,829 | $ | 1,259 | $ | 6,587 | $ | 5,327 |
Level 1
|
Level 2
|
Level 3
|
||||||||||
Cash and Cash Equivalents
|
$ | 439,897 | $ | - | $ | - | ||||||
Available for Sale Investments:
|
||||||||||||
Marketable Securities, short-term
|
2,306 | - | - | |||||||||
Investments:
|
||||||||||||
ARS Portfolio
|
55,035 | |||||||||||
UBS Put Right
|
- | - | 4,440 | |||||||||
Total Financial Assets at Fair Value
|
$ | 442,203 | $ | - | $ | 59,475 |
Investments
|
||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||
March 31, 2010
|
March 31, 2010
|
|||||||
Balance at Beginning of Period
|
$ | 59,396 | $ | 58,251 | ||||
Total Unrealized Gains (Losses) Included in Income:
|
||||||||
Change in Fair Value of ARS Portfolio
|
359 | 2,175 | ||||||
Change in Fair Value of UBS Put Right
|
(280 | ) | (951 | ) | ||||
Purchases, Sales and Maturities
|
- | - | ||||||
Balance at March 31, 2010
|
$ | 59,475 | $ | 59,475 |
At September 18, 2008
|
||||
Current Assets
|
$ | 46,042 | ||
Property and Equipment
|
19,558 | |||
Other Long-term Assets
|
3,179 | |||
Intangible Assets
|
128,600 | |||
Goodwill
|
185,717 | |||
Total Assets Acquired
|
383,096 | |||
Liabilities Assumed
|
80,121 | |||
Net Assets Acquired
|
$ | 302,975 |
At September 18, 2008
|
|||||
Value
Assigned
|
Estimated
Useful Life
|
||||
Trade name-Western Career College
|
$ | 1,500 |
1 yr 3 months
|
||
Trade name-Apollo College
|
1,600 |
1 yr 3 months
|
|||
Student Relationships
|
8,500 |
1 yr 3 months
|
|||
Curriculum
|
800 |
5 yrs
|
|||
Outplacement Relationships
|
3,900 |
15 yrs
|
For the Nine Months ended
March 31,
|
||||||||
As Reported
|
Pro Forma
|
|||||||
2010
|
2009
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Revenues
|
$ | 1,408,507 | $ | 1,101,121 | ||||
Operating Income
|
310,334 | 184,873 | ||||||
Net Income
|
208,333 | 129,616 | ||||||
Earnings per Common Share:
|
||||||||
Basic
|
$ | 2.92 | $ | 1.81 | ||||
Diluted
|
$ | 2.88 | $ | 1.78 |
At April 1, 2009
|
||||
Current Assets
|
$ | 16,208 | ||
Property and Equipment
|
14,415 | |||
Other Long-term Assets
|
167 | |||
Intangible Assets
|
18,941 | |||
Goodwill
|
18,839 | |||
Total Assets Acquired
|
68,570 | |||
Liabilities Assumed
|
24,662 | |||
Minority Interest
|
3,149 | |||
Net Assets Acquired
|
$ | 40,759 |
At April 1, 2009
|
|||||
Value
Assigned
|
Estimated
Useful Life
|
||||
Trade name-Fanor
|
$ | 359 |
5 years
|
||
Trade name-Area 1
|
1,653 |
10 years
|
|||
Trade name-Ruy Barbosa
|
359 |
5 years
|
|||
Student Relationships
|
6,362 |
5 years
|
|||
Curriculum
|
252 |
5 years
|
As of March 31, 2010
|
Weighted Avg. Amortization
Period
|
||||||||||
Gross Carrying
Amount
|
Accumulated
Amortization
|
||||||||||
Amortizable Intangible Assets:
|
|||||||||||
Student Relationships
|
$ | 64,437 | $ | (58,877 | ) | (1) | |||||
Customer Contracts
|
7,000 | (3,460 | ) |
6 years
|
|||||||
License and Non-compete Agreements
|
2,684 | (2,684 | ) |
6 years
|
|||||||
Class Materials
|
2,900 | (1,850 | ) |
14 years
|
|||||||
Curriculum/Software
|
3,623 | (1,480 | ) |
5 years
|
|||||||
Outplacement Relationships
|
3,900 | (336 | ) |
15 years
|
|||||||
Trade Names
|
6,255 | (4,346 | ) | (2) | |||||||
Other
|
639 | (639 | ) |
6 years
|
|||||||
Total
|
$ | 91,438 | $ | (73,672 | ) | ||||||
Indefinite-lived Intangible Assets:
|
|||||||||||
Trade Names
|
$ | 22,272 | |||||||||
Trademark
|
1,645 | ||||||||||
Ross Title IV Eligibility and Accreditations
|
14,100 | ||||||||||
Intellectual Property
|
13,940 | ||||||||||
Chamberlain Title IV Eligibility and Accreditations
|
1,200 | ||||||||||
USEC Title IV Eligibility and Accreditations
|
112,300 | ||||||||||
DeVry Brasil Accreditations
|
12,780 | ||||||||||
Total
|
$ | 178,237 |
|
(1)
|
The respective Ross University, Chamberlain College of Nursing, and U.S. Education Student Relationships were fully amortized at December 31, 2009. The total weighted average estimated amortization period for Student Relationships is 5 years for DeVry Brasil.
|
|
(2)
|
The total weighted average estimated amortization period for Trade Names is 2 years and 8.5 years for Stalla and DeVry Brasil (Fanor, Ruy Barbosa and ÁREA1), respectively.
|
As of March 31, 2009
|
||||||||
Gross Carrying
Amount
|
Accumulated
Amortization
|
|||||||
Amortizable Intangible Assets:
|
||||||||
Student Relationships
|
$ | 56,270 | $ | (51,396 | ) | |||
Customer Contracts
|
7,000 | (1,973 | ) | |||||
License and Non-compete Agreements
|
2,684 | (2,684 | ) | |||||
Class Materials
|
2,900 | (1,650 | ) | |||||
Curriculum/Software
|
3,300 | (793 | ) | |||||
Trade Names
|
3,210 | (1,432 | ) | |||||
Outplacement Relationships
|
3,900 | (139 | ) | |||||
Other
|
639 | (639 | ) | |||||
Total
|
$ | 79,903 | $ | (60,706 | ) | |||
Indefinite-lived Intangible Assets:
|
||||||||
Trade Names
|
$ | 22,272 | ||||||
Trademark
|
1,645 | |||||||
Ross Title IV Eligibility and Accreditations
|
14,100 | |||||||
Intellectual Property
|
13,940 | |||||||
Chamberlain Title IV Eligibility and Accreditations
|
1,200 | |||||||
USEC Title IV Eligibility and Accreditations
|
112,300 | |||||||
Total
|
$ | 165,457 |
Fiscal Year
|
Advanced Academics
|
Becker
|
DeVry Brasil
|
U.S. Education
|
Total
|
|||||||||||||||
2010
|
$ | 2,004 | $ | 1,150 | $ | 2,933 | $ | 4,751 | $ | 10,838 | ||||||||||
2011
|
1,806 | 1,150 | 2,480 | 420 | 5,856 | |||||||||||||||
2012
|
1,538 | 160 | 2,076 | 420 | 4,194 | |||||||||||||||
2013
|
618 | 160 | 1,573 | 420 | 2,771 | |||||||||||||||
2014
|
369 | 160 | 734 | 294 | 1,557 |
Fiscal Year
|
Direct to
Student
|
Direct to
District
|
||||||
2008
|
12 | % | 14 | % | ||||
2009
|
18 | % | 24 | % | ||||
2010
|
19 | % | 25 | % | ||||
2011
|
17 | % | 21 | % | ||||
2012
|
14 | % | 16 | % | ||||
2013
|
11 | % | - | |||||
2014
|
9 | % | - |
Fiscal Year
|
||||
2009
|
8.3 | % | ||
2010
|
30.3 | % | ||
2011
|
24.7 | % | ||
2012
|
19.8 | % | ||
2013
|
13.6 | % | ||
2014
|
3.3 | % |
Reporting Unit:
|
||||
DeVry University
|
$ | 22,196 | ||
Becker Professional Review
|
24,715 | |||
Ross University
|
237,173 | |||
Chamberlain College of Nursing
|
4,716 | |||
Advanced Academics
|
17,074 | |||
U.S. Education
|
185,717 | |||
DeVry Brasil
|
23,461 | |||
Total
|
$ | 515,052 |
Reporting Segment:
|
||||
Business, Technology and Management
|
$ | 22,196 | ||
Medical and Healthcare
|
427,606 | |||
Professional Education
|
24,715 | |||
Other Educational Services
|
40,535 | |||
Total
|
$ | 515,052 |
Reporting Unit:
|
||||
DeVry University
|
$ | 1,645 | ||
Becker Professional Review
|
29,812 | |||
Ross University
|
19,200 | |||
Chamberlain College of Nursing
|
1,200 | |||
Advanced Academics
|
1,300 | |||
U.S. Education
|
112,300 | |||
DeVry Brasil
|
12,780 | |||
Total
|
$ | 178,237 |
Outstanding Debt
|
Average
Interest Rate
|
|||||||||||||||
Revolving Credit Facility:
|
March 31,
2010
|
June 30,
2009
|
March 31,
2009
|
March 31,
2010
|
||||||||||||
DeVry Inc. as borrower
|
$ | — | $ | 80,000 | $ | 90,000 | — | |||||||||
GEI as borrower
|
— | — | — | — | ||||||||||||
Total
|
$ | — | $ | 80,000 | $ | 90,000 | — | |||||||||
Auction Rate Securities Collateralized Line of Credit:
|
||||||||||||||||
DeVry Inc. as borrower
|
$ | 44,757 | $ | 44,811 | $ | 45,063 | 0.63 | % | ||||||||
Total Outstanding Debt
|
$ | 44,757 | $ | 124,811 | $ | 135,063 | 0.63 | % | ||||||||
Current Maturities of Debt
|
$ | 44,757 | $ | 104,811 | $ | 115,063 | 0.63 | % | ||||||||
Total Long-term Debt
|
$ | — | $ | 20,000 | $ | 20,000 | — |
For the Three Months
|
For the Nine Months
|
|||||||||||||||
Ended March 31,
|
Ended March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues:
|
(Dollars in Thousands)
|
|||||||||||||||
Business, Technology and Management
|
$ | 334,603 | $ | 260,180 | $ | 931,365 | $ | 738,334 | ||||||||
Medical and Healthcare
|
132,640 | 105,013 | 375,572 | 256,270 | ||||||||||||
Professional Education
|
22,828 | 22,545 | 58,823 | 60,273 | ||||||||||||
Other Educational Services
|
14,314 | 4,144 | 42,747 | 10,337 | ||||||||||||
Total Consolidated Revenues
|
$ | 504,385 | $ | 391,882 | $ | 1,408,507 | $ | 1,065,214 | ||||||||
Operating Income:
|
||||||||||||||||
Business, Technology and Management
|
$ | 85,751 | $ | 39,712 | $ | 219,964 | $ | 102,037 | ||||||||
Medical and Healthcare
|
30,951 | 26,115 | 89,249 | 68,132 | ||||||||||||
Professional Education
|
8,147 | 9,524 | 17,840 | 21,773 | ||||||||||||
Other Educational Services
|
(1,414 | ) | (220 | ) | (7,231 | ) | (2,422 | ) | ||||||||
Reconciling Items:
|
||||||||||||||||
Amortization Expense
|
(1,618 | ) | (2,958 | ) | (9,189 | ) | (6,793 | ) | ||||||||
Depreciation and Other
|
203 | (386 | ) | (299 | ) | (1,588 | ) | |||||||||
Total Consolidated Operating Income
|
$ | 122,020 | $ | 71,787 | $ | 310,334 | $ | 181,139 | ||||||||
Interest:
|
||||||||||||||||
Interest Income
|
$ | 476 | $ | 776 | $ | 1,550 | $ | 4,628 | ||||||||
Interest Expense
|
(336 | ) | (484 | ) | (1,253 | ) | (2,013 | ) | ||||||||
Net Investment Gain (Loss)
|
81 | 970 | 1,225 | (748 | ) | |||||||||||
Net Interest Income
|
221 | 1,262 | 1,522 | 1,867 | ||||||||||||
Total Consolidated Income before Income Taxes
|
$ | 122,241 | $ | 73,049 | $ | 311,856 | $ | 183,006 |
For the Three Months
|
For the Nine Months
|
|||||||||||||||
Ended March 31,
|
Ended March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Segment Assets:
|
||||||||||||||||
Business, Technology and Management
|
$ | 690,605 | $ | 559,818 | $ | 690,605 | $ | 559,818 | ||||||||
Medical and Healthcare
|
931,845 | 890,994 | 931,845 | 890,994 | ||||||||||||
Professional Education
|
80,780 | 81,036 | 80,780 | 81,036 | ||||||||||||
Other Educational Services
|
119,433 | 39,667 | 119,433 | 39,667 | ||||||||||||
Corporate
|
57,564 | 19,354 | 57,564 | 19,354 | ||||||||||||
Total Consolidated Assets
|
$ | 1,880,227 | $ | 1,590,869 | $ | 1,880,227 | $ | 1,590,869 | ||||||||
Additions to Long-lived Assets:
|
||||||||||||||||
Business, Technology and Management
|
$ | 32,113 | $ | 17,479 | $ | 77,235 | $ | 30,011 | ||||||||
Medical and Healthcare
|
7,028 | 10,880 | 19,554 | 354,024 | ||||||||||||
Professional Education
|
13 | 75 | 56 | 151 | ||||||||||||
Other Educational Services
|
816 | 469 | 4,754 | 1,235 | ||||||||||||
Total Consolidated Additions to Long-lived Assets
|
$ | 39,970 | $ | 28,903 | $ | 101,599 | $ | 385,421 | ||||||||
Reconciliation to Consolidated Financial Statements:
|
||||||||||||||||
Capital Expenditures
|
$ | 39,970 | $ | 25,500 | $ | 101,599 | $ | 50,708 | ||||||||
Increase in Capital Assets from Acquisitions
|
- | - | - | 19,558 | ||||||||||||
Increase in Intangible Assets and Goodwill
|
- | 3,403 | - | 315,155 | ||||||||||||
Total Increase in Consolidated Long-lived Assets
|
$ | 39,970 | $ | 28,903 | $ | 101,599 | $ | 385,421 | ||||||||
Depreciation Expense:
|
||||||||||||||||
Business, Technology and Management
|
$ | 8,619 | $ | 6,794 | $ | 24,975 | $ | 20,934 | ||||||||
Medical and Healthcare
|
3,633 | 3,180 | 10,604 | 7,591 | ||||||||||||
Professional Education
|
54 | 91 | 169 | 268 | ||||||||||||
Other Educational Services
|
781 | 98 | 2,123 | 202 | ||||||||||||
Corporate
|
170 | 117 | 510 | 485 | ||||||||||||
Total Consolidated Depreciation
|
$ | 13,257 | $ | 10,280 | $ | 38,381 | $ | 29,480 | ||||||||
Intangible Asset Amortization Expense:
|
||||||||||||||||
Business, Technology and Management
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Medical and Healthcare
|
105 | 2,425 | 4,646 | 5,173 | ||||||||||||
Professional Education
|
287 | 50 | 862 | 152 | ||||||||||||
Other Educational Services
|
1,226 | 483 | 3,681 | 1,468 | ||||||||||||
Total Consolidated Amortization
|
$ | 1,618 | $ | 2,958 | $ | 9,189 | $ | 6,793 |
For the Three Months
|
For the Nine Months
|
|||||||||||||||
Ended March 31,
|
Ended March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues from Unaffiliated Customers:
|
(Dollars in Thousands)
|
|||||||||||||||
Domestic Operations
|
$ | 439,415 | $ | 346,863 | $ | 1,226,091 | $ | 938,341 | ||||||||
International Operations:
|
||||||||||||||||
Dominica, St. Kitts/Nevis and Grand Bahama
|
52,442 | 42,975 | 145,363 | 119,992 | ||||||||||||
Other
|
12,528 | 2,044 | 37,053 | 6,881 | ||||||||||||
Total International
|
64,970 | 45,019 | 182,416 | 126,873 | ||||||||||||
Consolidated
|
$ | 504,385 | $ | 391,882 | $ | 1,408,507 | $ | 1,065,214 | ||||||||
Long-lived Assets:
|
||||||||||||||||
Domestic Operations
|
$ | 719,843 | $ | 716,761 | $ | 719,843 | $ | 716,761 | ||||||||
International Operations:
|
||||||||||||||||
Dominica, St. Kitts/Nevis and Grand Bahama
|
327,384 | 322,148 | 327,384 | 322,148 | ||||||||||||
Other
|
64,417 | 349 | 64,417 | 349 | ||||||||||||
Total International
|
391,801 | 322,497 | 391,801 | 322,497 | ||||||||||||
Consolidated
|
$ | 1,111,644 | $ | 1,039,258 | $ | 1,111,644 | $ | 1,039,258 |
|
·
|
Total revenues rose 28.7%, reaching a quarterly record high of $504.4 million, and net income of $81.2 million increased 59.5% over the year-ago period, while at the same time DeVry made investments to drive academic quality and future growth.
|
|
·
|
Revenue growth was driven by higher total student enrollments and increased retention at DeVry University, Ross University, Chamberlain College of Nursing, Apollo College and Western Career College along with the acquisition of DeVry Brasil on April 1, 2009.
|
|
·
|
As a result of DeVry’s diversification strategy solid performance within the Business, Technology and Management and Medical and Healthcare segments more than offset a decline in profits within the Professional Education and Other Educational Services segments. The Professional Education segment results continue to reflect the impact of the economic downturn on the financial firms the segment serves. The Other Educational Services segment results reflect increased investment to drive future enrollment growth at Advanced Academics and DeVry Brasil. In addition, the third fiscal quarter represents a seasonal low point for tuition revenue at DeVry Brasil.
|
|
·
|
During January 2010, DeVry began repurchasing shares of its common stock under its third share repurchase program, which was approved by its Board of Directors in November 2009. During the quarter, DeVry repurchased 100,500 shares of its common stock at an average cost of $63.37 per share.
|
|
·
|
DeVry’s financial position remained strong generating $481.3 million of operating cash flow during the first nine months of fiscal year 2010, driven primarily by strong operating results and working capital improvements. As of March 31, 2010, cash, marketable securities and investment balances totaled $501.7 million and outstanding borrowings were $44.8 million.
|
|
·
|
In March 2010, Apollo College and Western Career College announced that they will be renamed Carrington College and Carrington College California, respectively. The name change takes effect on July 1, 2010.
|
Third Quarter
|
First Nine-Months
|
|||||||||||||||
FY2010
|
FY2009
|
FY2010
|
FY2009
|
|||||||||||||
Net Income
|
$ | 81,152 | $ | 50,886 | $ | 208,333 | $ | 128,581 | ||||||||
Earnings per Share (diluted)
|
$ | 1.12 | $ | 0.70 | $ | 2.88 | $ | 1.77 | ||||||||
Loss on Real Estate Transaction (net of tax)
|
-- | $ | 2,543 | -- | $ | 2,543 | ||||||||||
Effect on Earnings per Share (diluted)
|
-- | $ | 0.04 | -- | $ | 0.04 | ||||||||||
Net Income Excluding the Loss on Real Estate Transaction (net of tax)
|
$ | 81,152 | $ | 53,429 | $ | 208,333 | $ | 131,124 | ||||||||
Earnings per Share (diluted) Excluding the Loss on Real Estate Transaction
|
$ | 1.12 | $ | 0.74 | $ | 2.88 | $ | 1.81 |
For the Three Months
Ended March 31,
|
For the Nine Months
Ended March 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenue
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of Educational Services
|
42.5 | % | 45.5 | % | 43.4 | % | 45.5 | % | ||||||||
Loss on Real Estate Transactions
|
-- | 1.0 | % | -- | 0.4 | % | ||||||||||
Student Services and Administrative Expense
|
33.3 | % | 35.2 | % | 34.6 | % | 37.1 | % | ||||||||
Total Operating Costs and Expenses
|
75.8 | % | 81.7 | % | 78.0 | % | 83.0 | % | ||||||||
Operating Income
|
24.2 | % | 18.3 | % | 22.0 | % | 17.0 | % | ||||||||
Interest Income
|
0.1 | % | 0.2 | % | 0.1 | % | 0.4 | % | ||||||||
Interest Expense
|
(0.1 | %) | (0.1 | %) | (0.1 | %) | (0.2 | %) | ||||||||
Net Investment Gain (Loss)
|
0.0 | % | 0.2 | % | 0.1 | % | (0.1 | %) | ||||||||
Net Interest and Other (Expense) Income
|
0.0 | % | 0.3 | % | 0.1 | % | 0.2 | % | ||||||||
Income Before Income Taxes
|
24.2 | % | 18.6 | % | 22.1 | % | 17.2 | % | ||||||||
Income Tax Provision
|
8.2 | % | 5.7 | % | 7.4 | % | 5.1 | % | ||||||||
Net Income
|
16.0 | % | 13.0 | % | 14.8 | % | 12.1 | % | ||||||||
Add: Net Loss Attributable to Noncontrolling Interest
|
0.0 | % | -- | 0.0 | % | -- | ||||||||||
Net Income Attributable to DeVry Inc.
|
16.1 | % | 13.0 | % | 14.8 | % | 12.1 | % |
|
·
|
Increased by 21.9% from summer 2008 (45,907 students) to summer 2009 (55,979 students);
|
|
·
|
Increased by 22.7% from fall 2008 (52,146 students) to fall 2009 (64,003 students); and
|
|
·
|
Increased by 25.6% from spring 2009 (53,259 students) to spring 2010 (66,909 students). This was a record high enrollment at DeVry University and marked the thirteenth consecutive term of positive total undergraduate student enrollment growth from the year-ago level.
|
|
·
|
Increased by 14.8% from summer 2008 (16,595 students) to summer 2009 (19,057 students);
|
|
·
|
Increased by 19.4% from fall 2008 (15,811 students) to fall 2009 (18,878 students); and
|
|
·
|
Increased by 24.0% from spring 2009 (14,288 students) to spring 2010 (17,715 students) The spring 2010 term was the sixteenth consecutive term in which new undergraduate student enrollments increased from the year-ago level.
|
|
·
|
Increased by 12.3% from the July 2008 session (16,017 coursetakers) to the July 2009 session (17,991 coursetakers);
|
|
·
|
Increased by 15.2% from the September 2008 session (17,799 coursetakers) to the September 2009 session (20,496 coursetakers);
|
|
·
|
Increased by 16.5% from the November 2008 session (17,803 coursetakers) to the November 2009 session (20,734 coursetakers);
|
|
·
|
Increased by 16.5% from the January 2009 session (19,475 coursetakers) to the January 2010 session (22,679 coursetakers); and
|
|
·
|
Increased by 15.4% from the March 2009 session (19,357 coursetakers) to the March 2010 session (22,343 coursetakers).
|
|
·
|
Effective July 2009, DeVry University’s U.S. undergraduate tuition ranges from $550 to $595 per credit hour for students enrolling in 1 to 11 credit hours. Tuition ranges from $330 to $355 per credit hour for each credit hour in excess of 11 credit hours. These tuition rates vary by location and/or program and represent an expected weighted average increase of approximately 6.6% as compared to the summer 2008 term. However, effective with the summer 2009 term, DeVry University consolidated several of its student fees including graduation, transcript, technology and student activity fees into a lesser student services charge. The effective weighted average tuition increase was approximately 5.5% when the fee reduction is taken into account.
|
|
·
|
Effective July 2009, Keller Graduate School of Management program tuition per classroom course (four quarter credit hours) ranges from $1,995 to $2,200, depending on location. This represents an expected weighted average increase of 4.6%. The price for a graduate course taken online is $2,200, compared to $2,100 previously.
|
|
·
|
Increased by 9.4% from May 2008 (4,064 students) to May 2009 (4,448 students);
|
|
·
|
Increased by 9.1% from September 2008 (4,219 students) to September 2009 (4,601 students); and
|
|
·
|
Increased by 8.0% from January 2009 (4,323 students) to January 2010 (4,669 students).
|
|
·
|
Increased by 16.8% from May 2008 (481 students) to May 2009 (562 students);
|
|
·
|
Increased by 9.5% from September 2008 (608 students) to September 2009 (666 students); and
|
|
·
|
Increased by 14.4% from January 2009 (611 students) to January 2010 (699 students).
|
|
·
|
Increased by 77.8% from summer 2008 (2,419 students) to summer 2009 (4,302 students);
|
|
·
|
Increased by 67.2% from fall 2008 (3,360 students) to fall 2009 (5,617 students); and
|
|
·
|
Increased by 72.2% from spring 2009 (3,885 students) to spring 2010 (6,691 students).
|
|
·
|
Increased by 51.9% from summer 2008 (1,026 students) to summer 2009 (1,558 students);
|
|
·
|
Increased by 55.3% from fall 2008 (1,352 students) to fall 2009 (2,100 students); and
|
|
·
|
Increased by 75.4% from spring 2009 (1,236 students) to spring 2010 (2,168 students).
|
|
·
|
Increased by 17.9% from July 2008 (9,028 students) to July 2009 (10,644 students);
|
|
·
|
Increased by 14.8% from November 2008 (10,186 students) to November 2009 (11,695 students); and
|
|
·
|
Increased by 9.9% from March 2009 (10,928 students) to March 2010 (12,009 students).
|
|
·
|
Increased by 15.4% from July 2008 (3,821 students) to July 2009 (4,411 students);
|
|
·
|
Increased by 21.5% from November 2008 (4,681 students) to November 2009 (5,688 students); and
|
|
·
|
Decreased by 2.4% from March 2009 (4,323 students) to March 2010 (4,218 students).
|
|
·
|
Effective September 2009, tuition and fees for the beginning basic sciences portion of the programs at the Ross University medical and veterinary medical schools are $14,665 and $14,375, respectively, per semester. This represents an increase from September 2008 tuition rates of approximately 7.4% for the medical school and 5.3% for the veterinary school.
|
|
·
|
Effective September 2009, tuition and fees for the final clinical portion of the Ross University programs are $16,100 per semester for the medical school, and $18,050 per semester for the veterinary medical school. This represents an increase from September 2008 tuition rates of approximately 7.3% for the medical school and 5.2% for the veterinary school. These amounts do not include the cost of books, supplies, transportation, and living expenses.
|
|
·
|
Effective July 2009, tuition is $595 per credit hour for Chamberlain students enrolled in the BSN (onsite), ADN and LPN-to-RN programs. Students enrolled on a full-time basis (between 12 and 17 credit hours) are charged a flat tuition amount of $7,140 per semester. This represents an increase from 2008-2009 academic year tuition rates of approximately 9%. However, effective with the summer 2009 term, Chamberlain consolidated several of its student fees into a lesser student services charge. The effective weighted average tuition increase was approximately 8% when the fee reduction is taken into account. These amounts do not include the cost of books, supplies, transportation, or living expenses.
|
|
·
|
Effective July 2009, for students enrolled in Chamberlain’s RN-to-BSN online degree program, tuition is $575 per credit hour for students enrolled in the RN-to-BSN online degree program. Students enrolled on a full-time basis (between 12 and 17 credit hours) are charged a flat tuition amount of $6,900 per semester. The tuition rate represents an increase from July 2008 tuition rates of approximately 5%. Tuition for the 2009-2010 academic year is $735 per credit hour for students enrolled in the online MSN program.
|
|
·
|
Effective July 2009, tuition for U.S. Education students (Apollo College and Western Career College) was raised approximately 3.5% as compared to the prior year. On a per credit hour basis, tuition for Apollo College and Western Career College programs ranges from $338 per credit hour to $1,602 per credit hour for non-general education courses, with the wide range due to the nature of the program. General Education courses are charged at $295 per credit hour at Apollo, $345 per credit hour at Western Career College.
|
Fiscal Year
|
||||||||
Funding Source:
|
2009
|
2008
|
||||||
Federal Assistance (Title IV) Program Funding:
|
||||||||
Grants and Loans
|
73 | % | 70 | % | ||||
Federal Work Study
|
1 | % | 1 | % | ||||
Total Title IV Program Funding
|
74 | % | 71 | % | ||||
State Grants
|
2 | % | 3 | % | ||||
Private Loans
|
3 | % | 5 | % | ||||
Student accounts, cash payments, private scholarships, employer and military provided tuition assistance and other
|
21 | % | 21 | % | ||||
Total
|
100 | % | 100 | % |
Fiscal Year
|
||||||||
2009
|
2008
|
|||||||
DeVry University:
|
||||||||
Undergraduate
|
77 | % | 75 | % | ||||
Graduate
|
70 | % | 75 | % | ||||
Ross University
|
80 | % | 81 | % | ||||
Chamberlain College of Nursing
|
69 | % | 62 | % | ||||
U.S. Education:
|
||||||||
Apollo College
|
85 | % | 79 | % | ||||
Western Career College
|
83 | % | 77 | % |
Period
|
Total Number of
Shares Purchased
|
Average Price Paid
per Share
|
Total Number of Shares Purchased as part of Publicly Announced Plans
or Programs
1
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or
Programs
1
|
||||||||||||
January 2010
|
2,500 | $ | 61.27 | 2,500 | $ | 49,846,816 | ||||||||||
February 2010
|
50,100 | $ | 61.12 | 50,100 | 46,784,513 | |||||||||||
March 2010
|
47,900 | $ | 65.82 | 47,900 | 43,631,594 | |||||||||||
Total
|
100,500 | $ | 63.37 | 100,500 | $ | 43,631,594 |
Period
|
Total Number of
Shares Purchased
2
|
Average Price Paid
per Share
|
Total Number of Shares Purchased as part of Publicly Announced Plans
or Programs
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or
Programs
|
||||||||||||
January 2010
|
3,607 | $ | 61.28 | N/A | N/A | |||||||||||
February 2010
|
1,048 | $ | 61.02 | N/A | N/A | |||||||||||
March 2010
|
-- | $ | -- | N/A | N/A | |||||||||||
Total
|
4,655 | $ | 61.22 | N/A | N/A |
|
Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Amended
|
|
Certification Pursuant to Title 18 of the United States Code Section 1350
|
DeVry Inc.
|
|||
Date: May 6, 2010
|
By
|
/s/ Daniel M. Hamburger
|
|
Daniel M. Hamburger
|
|||
Chief Executive Officer
|
|||
Date: May 6, 2010
|
By
|
/s/ Richard M. Gunst
|
|
Richard M. Gunst
|
|||
Senior Vice President and Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
PerkinElmer, Inc. | PKI |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|